The residential food waste disposer market, valued at US$ 2.1 billion in 2021, is set to experience robust growth with a projected CAGR of 5.8% from 2022 to 2031. By the end of 2031, the market is anticipated to reach a value of US$ 3.5 billion. Analysts highlight key factors influencing this growth and provide valuable insights into the market scenario.
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Rise in Residential Dwelling Units Driving Market Demand:
The surge in residential construction globally has led to an increase in the number of households, subsequently boosting the generation of residential food waste. Recognizing the need for effective food waste treatment, manufacturers are introducing technologically advanced products to cater to this growing demand. Factors such as government initiatives for organic waste disposal, heightened environmental awareness, and the emphasis on conservation and reuse of organic waste in agriculture are pivotal drivers. However, challenges such as technical issues and high installation costs are identified as potential hindrances.
Impact of Urbanization and Population Growth on Market Dynamics:
With the global population expanding rapidly, residential construction has witnessed significant growth, reaching 2.3 billion houses in 2021. The residential construction industry, experiencing a growth rate of 7.1% globally in 2021, is a key contributor to the demand for efficient kitchen sink garbage disposal systems. As urbanization continues, there is a heightened awareness of sustainable living, leading to an increased adoption of eco-friendly products. Kitchen sink garbage disposals offer a convenient and hygienic solution to deal with common kitchen waste, including raw or cooked food, eggshells, and bones. This surge in the residential sector, coupled with a focus on sustainable living, is expected to drive the demand for residential food waste disposers.